Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Significant Components of Operating Lease Expense
The significant components of operating lease expense are as follows:
Three Months Ended March 31,
2020 2019
(in thousands)
Operating lease cost $ 62,128    $ 46,729   
Variable and short-term lease cost 12,522    13,765   
Sublease income (4,151)   (3,741)  
Net lease cost $ 70,499    $ 56,753   
Supplemental Cash Flow Information for Operating Leases
Supplemental cash flow information for our operating leases is as follows:
Three Months Ended March 31,
2020 2019
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities $ 58,908    $ 48,940   
Lease assets obtained in exchange for lease obligations, net of terminations $ 55,042    $ 27,872   
Future Maturities of Operating Leases
Future maturities of our operating lease liabilities at March 31, 2020 are as follows:
(in thousands)
April 1 - December 31, 2020 $ 138,661   
2021 189,415   
2022 184,770   
2023 181,046   
2024 163,811   
Thereafter 1,430,324   
Total lease payments 2,288,027   
Less: Interest 785,852   
Present value of lease liabilities $ 1,502,175   
Operating Leases Weighted Average Remaining Lease Term and Discount Rate
The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:
March 31,
2020 2019
Weighted average remaining lease term (in years) 13.9 13.5
Weighted average discount rate 5.94  % 5.76  %